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Rite-Aid NN

25 W Main St, East Palestine, OH 44413, USA
$2,740,074

Description

Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 25 West Main Street, East Palestine, Ohio, in Columbiana County. Just a short 20 minute drive South of Youngstown, OH and an hour drive North West of downtown Pittsburg, PA. The subject property consists of 11,335 square feet that is situated on a 0.98 acre parcel of land with a full service pharmacy drive-thru window. This Rite Aid benefits from the strategic location at the signalized intersection of Main Street and Route 170, through the town of East Palestine. There are 9.5 years remaining on the recent ten – year extension to the original 20 year, double-net (NN) lease where the landlord is responsible for roof and structure. The new ten – year extension reiterates the Tenant’s strong commitment to this location. The offering provides a flat initial term with rare five percent increases in each of the six – five year option periods. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 10 miles away in Beaver Falls, PA. Rite Aid ranks third (behind Walgreen and CVS) in the US retail drugstore business, with more than 4,600 drugstores in more than 30 states and the District of Columbia. Rite Aid stores generate roughly 70 percent of their sales from filling prescriptions, while the rest comes from selling health and beauty aids, convenience foods, greeting cards, and more, including some 3,500 Rite Aid brand private-label products. More than 60 percent of all Rite Aid stores are freestanding and over half have drive-thru pharmacies. The company was founded in 1962 and is in negotiations of being purchased by pharmacy leader Walgreen’s Boots Alliance.

■ CORPORATELY GUARANTEED BY RITE AID (NYSE: RAD)
■ S&P B CREDIT RATING
■ OVER 9.5 YEARS REMAINING ON A NEWLY EXTENDED TEN YEAR LEASE
■ NO DIRECT WALGREENS COMPETITION – CLOSEST WALGREENS IS 10
MILES AWAY
■ SIGNALIZED INTERSECTION
■ TENANT RECENTLY EXTENDED TEN YEAR LEASE
■ ABOVE AVERAGE HOUSE HOLD INCOME EXCEEDING $56,000, ANNUALLY

 

 

  • Address: 25 W Main St
  • City: East Palestine
  • Zip/Postal Code: 44413
  • Country: United States

Detail

  • Price: $2,740,074
  • Year Built: 1998

Additional details

  • CAP Rate: 6.75%
  • NOI: $184,955

Features